December 2022
Beginner to intermediate
314 pages
6h 55m
English
Price elasticity of demand measures how much a product’s consumption changes in response to price changes. A good is elastic if a price adjustment results in a significant shift in either supply or demand. If a price adjustment for the goods does not significantly affect demand or supply, it is inelastic. The elasticity of a product is impacted by the accessibility of an alternative. Demand won’t change as the price increases if the product is necessary and there are no suitable alternatives, making it inelastic.
In this chapter, we will learn about the following: